We manage our own rental property for those exact reasons. Also I have heard so many stories of property managers not actually doing the job that they are paid to do. From my experience in the jobs I have had over the years, if you want something done properly, do it yourself!!

I am confident that if something was to go wrong that I could manage it.. Even though we have done it on our own, we have still done it the exact same way as what the agents would, for example we still have applications forms, references, lease agreement, and inspection checklists. Not sure where you are but in Victoria all of the forms / information is available at Consumer Affairs. We have everything in writing just in case something goes wrong.

Saying that we have great tenants and have had no problems (touch wood!) We rent our place out to a family that we know through other people but we dont actually know them iykwim, so we were able to get some great references but also there is no friendship on the line if something was to go wrong. I would never rent to friends / family.

It also helps that we still live in the same town as our rental.. so it would probably be different if we lived a long way away, or interstate.